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Mangels Industrial Q3 profit climbs YOY

Mangels Industrial SA said its third-quarter normalized net income came to 32 Brazilian centavos per share, an increase from 10 centavos per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 1.9 million reais, an increase from 600,880 reais in the year-earlier period.

The normalized profit margin rose to 1.8% from 0.5% in the year-earlier period.

Total revenue decreased 12.4% on an annual basis to 103.6 million reais from 118.3 million reais, and total operating expenses fell 14.0% year over year to 102.9 million reais from 119.5 million reais.

Reported net income totaled a loss of 29.6 million reais, or a loss of 5.11 reais per share, compared to a loss of 11.1 million reais, or a loss of 1.92 reais per share, in the year-earlier period.

As of Nov. 13, US$1 was equivalent to 3.82 reais.